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In today’s rough and unpredictable economy there are many homeowners who are scared of facing foreclosure like so many other Americans. A loan modification is a safe option to pursue. Since lenders are receiving incentives, because of the 2009 stimulus package, they are eager to help as many people as they can. Citimortgage has reviews and feedback from borrowers posted online regarding the loan modification effectiveness.
Loan Modification: CitiMortgage
This program was put in place due to the high number of people in danger of losing their homes. The lucky few who have Citibanks ARM’s have a good chance of modifying the home mortgage, the program will help reduce their monthly mortgage payment. This program can offer to reduce your interest rate temporary or even permanently. This home loan refinancing and modification program can also extend loan or help with the actual principle. In order to modify a home loan you must first contact the loss mitigation at the bank.
Ways to apply: Loan Modification
·If for some reason you default on the loan for 60 days, the banks mitigation department sends you some way to solve the problem. You will be required to create a hardship letter to present to the lender. The letter must be as clear as possible and list completely the reason for your recent financial situation. Other documents that will be necessary for the application are your detailed monthly expenses, your credit history etc, these documents along with the application will determine whether you are approved or denied the loan modification or refinancing. Be as clear as possible and if you have questions never hesitate to ask the lender or bank.
Once you have completed the proper documents, the banks loss mitigation department will send one of its representatives. Whenever the bank or lender tries to contact you through a representative always be as quick as possible in responding. Acting quick will have them think that you are dead serious about getting approved for the loan modification program.
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Source by Michael Petrone